Get Social

Northeast, South Lead Country in Delinquent Taxes

Business Wire

LERETA reports year-to-date nationwide delinquent tax rate

COVINA, Calif.--(BUSINESS WIRE)-- In its latest property tax payment analysis, LERETA, a leading national real estate tax and flood service provider, found that the Northeast leads the country with an 8.4 percent delinquency rate in residential and commercial property taxes.

LERETA has delinquency data on 58.2 million records nationwide. The data indicates a nationwide delinquency rate of 8.4 percent, which includes residential and commercial properties. Approximately 2,474 jurisdictions across the country were included in this year-end review.

The Northeast and South regions of the country lead in delinquency rates, followed by the West and Midwest respectively. There are more records available to review in the South than in the Northeast; however, the two regions’ delinquency rates were virtually the same.

Region

Jurisdictions Reviewed

Parcel Count

Delinquent Count

Rate

Midwest

406

6,363,394

408,868

6.4%

Northeast

1,543

9,028,154

804,867

8.9%

South

454

38,483,343

3,378,129

8.8%

West

71

4,381,645

300,373

6.9%

Total

2,474

58,256,536

4,892,237

8.4%

“Because of the sheer volume of data available to LERETA, we are in a unique position to analyze the effect of current assessor, tax amounts and delinquent data on a portfolio,” said John Walsh, CEO of LERETA. “We like to provide this useful data resource readily in order to educate organizations about the trends in the regions they are most interested.”

The analysis is designed to identify jurisdictions where property tax payments were not made by the economic loss date for the collecting agency. An account becomes delinquent when the due date for a tax return or other established liability has passed and the amount due remains unpaid. Penalties and interest begin to accrue on the unpaid tax until the entire balance is paid in full.

About LERETA

Since 1986, LERETA has provided the mortgage and insurance industries the fastest, most accurate and complete access to property tax data and flood hazard status information across the U.S.LERETA is committed to giving customers extraordinary service and cost-effective property tax and flood solutions. LERETA’s services are designed to increase efficiency, reduce penalties and liabilities and improve processes for mortgage originators and servicers. LERETA’s dedicated teams of real estate tax and flood professionals along with LERETA’s experienced management team allow the company to lead the industry in service and technology.